The excitement of living in a foreign country is one of the perks of working abroad—but there are financial challenges, too. Before you pack your bags, read these essential money tips.

All of your hard work and sacrifices are paying off. Maybe you’ve been offered a lead role in a movie that will shoot for two months in New Zealand. Or perhaps your team is playing in a high-profile European tournament. Or your record label has booked you on 25-city tour that will span three continents.

As an artist or athlete, however, doing your job abroad takes more than just packing your bags and getting on a plane. Arranging travel logistics, managing cash flow, ensuring security and overseeing accounting across multiple jurisdictions are just some of the things you may have to think about—and that can be every bit as daunting as it sounds.

So we asked Financial Advisors from Morgan Stanley’s specialized Global Sports and Entertainment division for their insights on the areas that need particular attention when you work abroad. Here are three things they told us:

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1. Expect the Unexpected

As your hectic schedule takes you from location to location, expenses can quickly grow out of control. Currency conversions, cultural expectations and cost-of-living differences can add complexity. Creating a detailed budget can help you, and anyone you’re traveling with, get access to the funds and financial tools you need. Start with your travel schedule, locations and other details that will help you create a baseline budget for expenses, such as lodgings, food, casual spending and other needs you and your travel companions may have.

In addition, you’ll need to allocate funds for emergencies and the unexpected. Perhaps you’ll find yourself with free time to make an excursion with friends. Or, you may find the perfect travel gift for a family member back home. Setting aside extra funds can be essential to having a memorable time abroad. 

2. Assemble a Great Team

Every successful athlete or entertainer is surrounded by a great team of managers, agents, teammates and assistants. Similarly, you need a positive and talented team of financial professionals—Financial Advisors, insurance professionals, accountants and others—who understand both the specialized needs of your industry and the challenges of working abroad.

This team should be able to anticipate near-term financial needs, while helping you minimize your tax liability and build wealth for the long term. If you need access to capital while traveling, your team should have solutions to facilitate cash flow—for example, by tapping future earnings or royalties as collateral. 

3. Adopt Proper Cybersecurity and Other Protections

Every 39 seconds, someone’s device is hacked. As a celebrity, you may be a target—and you need to be vigilant in protecting yourself from cybercriminals and fraudsters. Keep your Financial Advisor informed of where and when you’re traveling, so that they can keep an eye out for unusual account activity and block fraudulent charges. Use secure connections and online financial management tools with multifactor authentication for added protection.

In addition, credit and debit cards with enhanced security, such as EMV, or “chip” cards, encrypt card information and give you a higher level of security. They can also provide quick and secure access to cash when you’re abroad. Your financial team should also keep a watchful eye for potential fraud, spotting and investigating surprise charges. 

The Heart of Your Financial Team

The Financial Advisors in Morgan Stanley’s Global Sports and Entertainment division have advanced knowledge and industry experience to serve the unique needs of professional athletes and entertainers, including clients who travel frequently. From getting replacement credit cards overseas quickly to advising on cash-flow needs for clients, a Global Sports and Entertainment Director can work with your team of financial professionals to help you access and help protect your money.

Learn more and connect with a Global Sports and Entertainment Director near you.